Something Big is Happening in the Housing Market
At the end of July two important programs are coming to an end. Mortgage forbearance and the foreclosure moratorium end. For many the increase in house equity due to rising prices will hold off a catastrophic event. But Fortune magazine predicts that there will be an 11% increase in houses on the market. Although inventory will increase this article predicts that this will not have a negative effect on prices.
"A crash in the housing market seemed inevitable during the early weeks of the COVID-19 recession. However, that bust didn't come to fruition, in fact, the opposite happened: A combination of government support, recession-induced low interest rates, and eager homebuyers set off a housing boom. Since the onset of the crisis, median home prices are up a staggering 24%."
As these government programs end we will monitor trends in market activity. The Downbeach Team tracks market analytics on a regular basis.
If you are looking to buy or sell contact us - we can help you make an informed decision. Contact the Downbeach Team (609) 800-2425 or [email protected].